Taos has been named one of the "20 best small towns in America" by Smithsonian Magazine. Taos ranked second on the list, described as containing "modern art, ancient history and counterculture in the luminous high desert".

"We think any best place worth traveling to should have one quality above others: culture". The list can be viewed in its entirety at www.smithonianmag.com/travel/The-20-Best-Small-Towns-in-America.html

Taos has also made several other "best of" lists so far this year including: Today Show/Travel and Leisure's "Best Winter Getaways", National Geographic's "World's Best 25 Ski Towns", Travel and Leisure's "Americas Best Spring Drives" and Forbes' "America's Prettiest Towns".

For more visit www.taos.org. For Taos real estate information ask the pros at New Mexico Mountain Properties!

Taos real estate transactions can prove to be a unique learning experience and each one is different. Here are 4 key need-to-knows to help you avoid getting a nasty surprise at the closing table.

Read my lips: no new bills (or other financial blips). Most savvy buyers know better than to run out and buy a car while they're trying to buy a home. But you'd be surprised at how many don't think twice before opening new credit accounts to buy appliances or finance the kitchen remodeling work they plan to have done as soon as they get the keys to the place. Many a lender will run a quick credit check right before closing, mostly so they can detect whether your bills – your monthly obligations – have increased to a point that pushes your debt-to-income ratio too high to qualify for the home, or would make it tough for you to pay your new mortgage.

If your escrow runs 45, 60 or 90 days (or longer) as they commonly do in short sales and sales of bank owned homes, new accounts can certainly show up on your credit report in that time frame, endangering the deal and generating a surprise "no deal" from your lender just when you thought you'd be getting a set of closing docs to sign.

Also, some lenders conduct a last-minute check of borrowers bank account statements. Of course they want to make sure that you have the cash you need to seal the deal. But you might be surprised to learn that lenders also want to be sure that there are no unexplained, major deposits to your account, as well. They know some borrowers are inclined to borrow fistfuls of dollars from family and friends just before closing in an effort to scrape together the cash they need to close their home purchase by any means necessary.

And, unless the money is a lender-approved gift, that's not allowed! (Why? The mortgage lender wants to avoid the friend or relative later saying they "own" part of the house, and also doesn't want your obligation to repay a "friend-and-family" loan to interfere with your ability to repay your new home loan!)

If you have any large deposits (other than your normal income) come in just before or during escrow, be prepared to both explain them and document their source.

Make full disclosure when you first apply for your mortgage or short sale. Today's loan underwriters are notorious for being sticklers about verifying and re-verifying the facts on your loan application. And as mortgage guidelines have tightened, lenders have also tightened up the underwriting process, creating a virtual gauntlet of review after review, underwriter after underwriter that you have to get past in order to close your deal. The most critical one? The funder – it is this underwriter's job to give the thumbs up (or down) on wiring your mortgage money into escrow.

Funders are the toughest to get past, understandably, because the buck stops with them when it comes to their employer's issuance of tens, even hundreds of millions of dollars of mortgage money every year. So, they want to be sure every last one of your loan qualifying i's are dotted and t's crossed – up to the very last possible moment before they green-light the disbursement. They have the right – scratch that – the responsibility to re-check your credit, assets, even your employment at the last minute, and they take this responsibility very seriously.

And on a short sale, the pre-closing title check can reveal legal judgments and liens against the seller that have been placed on the property up to the day of closing.

I've seen deals fall apart or come to the brink of failure the day or so before they were supposed to close because a buyer had lost a job, turned out to actually be legally married (the divorce they'd put on the application was not yet final), or a new collection account had surfaced. I recently saw a short sale nearly cancelled when a new collection account of the seller's was filed as a lien on the house. Once, I even saw a deal killed beyond salvation when a last minute credit re-check surfaced a social security number flag that revealed one buyer was not in the country legally!

To avoid these sorts of last minute surprises, be 100 percent honest with your real estate and mortgage agents at the beginning of your homebuying (or selling) process about any and every area of your life that corresponds to a mortgage or short sale application question, even before you complete the application – there's almost no such thing as an overshare at that stage. That puts them in a position to help you avoid closing table drama from the jump, even if it means they advise you to stay in your job, settle some bills or buy the home on your own, rather than with your spouse.

Watch the calendar closely. Buyers who originally were pre-approved for their mortgage many moons before they find the right property should obtain updated estimates of their mortgage payments and the cash they will need to close their purchase as their house hunting period goes on, and especially once they have a firm closing date estimate. Mortgage interest rates can change dramatically over a period of a few months, and closing costs vary widely based on things as seemingly minor as whether your transaction closes at the beginning or the end of the month.

To avoid getting to closing and realizing that you have to come up with an extra few weeks' worth of prepaid mortgage interest because your closing date changed, make sure your real estate and mortgage brokers are in close communication, and ask them to keep you apprised of how any closing date changes will impact the size of the check you'll have to write to close the deal. And if you're buying a property that is a short sale or foreclosure, ask them to give you this briefing as soon as possible (and as frequently as possible!) in the transaction so that you can prepare a little cushion of extra cash in case closing is delayed for reasons beyond your control (which happens very frequently in these sorts of sales).

Obtain and review your closing documents in advance. I used to give this advice mostly to buyers, urging them to ask their agent and mortgage broker to provide them with their loan and title documents at least a day or so in advance – earlier, if possible. If you have to sign 300 pages at the closing table and you know your keys and moving plans hang in the balance, the chances you'll be scrutinizing every line are pretty slim – and if you do happen to catch an error, the time it will take the lender to revise and reissue a set of papers can throw your moving calendar entirely out of whack.

The best practice is to get these documents in advance, so you can check on line items like the interest rate and monthly payment in the comfort of your own home or office, ask questions of your representatives and initiate any corrections that need to be made without disrupting the plans for signing and closing.

And this applies to sellers, too – even though buyers have a much higher volume of paperwork to get through at closing (and errors can be costly), closing doc errors occasionally arise that have a serious impact on sellers, as well. I was once asked for advice in a situation where the seller owned two neighboring parcels of land, and the title paperwork for the sale of one erroneously included the other one, too! It took a boatload of high-drama legal wrangling to get the mistake corrected, and get the sellers' other lot back.

In a world where the Internet makes marketing miracles possible and home data seems to flow free, every once in a while you'll hear of someone attempting to buy or sell without an agent.

While some stories speak of success, they also reveal the time, expertise, and energy that go into a sale and the indisputable benefits of having an agent.

Here are four ways marketing and managing a home is a time-consuming undertaking and why now, more than ever, smart consumers need to use a real estate agent. One story was that, thanks to social media, a homeowner sold his Californian bungalow for $A1.05 million, $135,000 above the asking price.

1) Online marketing takes time and expertise. The owner set up a website, blog, Twitter feed, YouTube videos, and a Picasa photo page for his home.

This home sold above its asking price as a result of the interest generated by a professional's online marketing efforts -- the owner is a professional online marketer who spent many hours every day promoting his home through these multiple channels. Most sellers don't have this level of expertise or the time to spend on the effort.

2) A home's information alone is not enough – every home lives in a market

"I know my house better than any agent. Who better to sell the house than me?"

This comment is typical of someone who doesn't realize that knowing about a home is just the first step. The real key to moving a listing is knowing how that home fits into the market – and only a professional brings that kind of focus and real experience.

3) Showings and connections sell homes

"I aim to bring as many buyers to the home's blog as possible, giving them a personal insight into the house.""

This means developing a following and creating connections online. This is easy for agents, who are already tapped into a network of people buying and selling.

4) Even the smartest use an agent for expertise

Even with all of the homeowner's social media efforts to help sell his home on his own, in the end he hired an agent.

Buying and selling Angel Fire and Taos real estate can be even more complex due to land grants, water rights, extensive title searches and other issues that may not arise elsewhere. Your local Realtor has the expertise to navigate through the unique problems of buying and selling Taos real estate.

Once upon a time, homebuying was a much less dramatic affair then it is today. The house hunt was fun, if suspenseful, and then there was another exciting whirlwind of inspections, closing and moving in. Today, though, as soon as buyers get the gumption to jump off the rent vs. buy fence, they find themselves on another edge - the edge of their seats, through the entire escrow process waiting to see what obstacle will emerge next, and whether their transaction will survive it.

Deals get killed all the time, and buyers can't relax until they have keys actually in hand. Here are three of the most common real estate deal-killers, and some steps buyers can take to deactivate them.

1. Appraisal too low. Some buyers incorrectly believe that the best thing that could happen to them is for the property to appraise below the agreed-upon purchase price, expecting that a low appraisal forces the seller to bring the price down. In fact, so many of today's sellers are barely breaking even, that a low appraisal is probably the most common deal-killer around. If an appraisal comes in just a tad bit lower than the contract price, usually the seller will come down if they can, or the buyer will kick in a few extra bucks. But when it comes in 5, 10 or even 20 percent low, most sellers can't - and most buyers won't .

Low appraisals also seem like the most difficult deal-killer to avoid, as this process is entirely out of both buyer's and seller's control. But there are two things buyers can do to minimize the risk. First, check the comps - i.e., recent comparable homes that have sold in the area - before making an offer; your agent will help you do this. Then, don't make an offer bizarrely above the average range of the comparables, even if the property has multiple offers, unless you're prepared to deal with a low appraisal a couple of weeks out.

Also, consider working with a local mortgage broker who also originates loans through its own bank (vs. walking into a large bank's branch off the street); these lenders have the ability to choose from a smaller pool of appraisers that they know are qualified and knowledgeable about your area.

2. Property condition dramas. When the market melted down, lenders found themselves with a lot of decrepit homes on their hands. This explains two things: (1) why lenders are more concerned about property condition now than ever, and (2) the raggedy condition of so many of the "distressed' homes on the market. Homes that have extensive wood rot, dangerous decks or electrical systems, or peeling paint and missing systems (sinks, stoves and the like) are highly unlikely to pass muster when the appraiser walks through, even if they do qualify as being worth the purchase price. And while an individual seller might be willing to do some work, many just can't afford to; short sale and REO sellers simply refuse to make fixes, 9 times out of 10.

Prevention is the best medicine for curing this transaction ailment. If you are buying a short sale or REO property, be aware that when the selling bank says as-is, it really means as-is. Ask your mortgage broker and agent to brief you on what sort of shape your lender will require your home to be in, at minimum, and keep that standard in mind during your house hunt. Your agent can help manage your expectations about which properties will and won't likely pass muster.

3. Loan approval takes too long. Every buyer knows they must get preapproved for a mortgage before they start house hunting, but many don't know that preapproval is just the first in a long list of steps that have to happen before the loan becomes a sure thing. In fact, it's common now for buyers to get their loan preapproval many months before they end up in contract, and lots can change in the interim - further extending the time it may take for their loan approval to come in.

It's common for contracts to include a standard loan contingency period of 17 days, give or take a few. But the appraisal might take longer than that to come in, or the underwriter might have lots of questions and seemingly random nitpicks about the appraisal, or about you: they want to see your driver's license, then your marriage license, then your divorce decree, and after that, a letter from your employer agreeing that you'll be keeping your job even though you're moving an hour away. It never seems like they ask for everything at once, thus it can take longer than 17 days to obtain all the requested items, turn them in and get the underwriter to sign off on them.

Until you get that green light, it's foolhardy to remove your loan contingency, as that step renders your earnest money deposit non-refundable, under most contracts. Many a buyer is forced to either secure an extension from the seller or to let the transaction die, rather than forfeiting their deposit funds. And again, some sellers understand and will play ball, but bank sellers can be particularly resistant to loan contingency extensions, especially if there are backup offers on the table.

Best practice for buyers to minimize the chances of an overtime loan approval process killing the deal? Be ready: be ready for lots of bizarre documentation requests, be ready to provide things you've already been asked for, and be ready to do so quick-like - without pushing back. The faster you can turn around the things the underwriter wants, the better.

Also, it can be very helpful to work with a mortgage broker and agent that have worked together before and have close communications, so that your agent can stay abreast of any and all loan process glitches and keep the listing agent apprised of the legitimate reasons you may need an extension throughout the contingency period, rather than assuring them everything's speeding along then having to ask for a last-minute extension.

If you're one of the millions who has an eye on 2012 as the year in which you'll buy a home (first or not), here are five things you can do now to put yourself on the right path:

1. Check your credit. Recent studies have revealed that a record high number of real estate transactions are falling out of escrow, and that credit "issues" are a leading cause of these dead deals. Your best chance at catching and correcting score-lowering errors and other derogatory items before they destroy your personal American Dream is to start checking and correcting while you still have time on your side.

2. Do your research. The more rapidly the real estate market changes, the more it behooves smart buyers to study up before they jump in. And now's the time – you can start doing online and in-person research into topics ranging from:

· Target states, cities and neighborhoods. Whether you're relocating or simply trying to narrow down the local districts to focus on during your 2012 house hunt, now is a great time to start your online research into decision-driving factors like tax rates, school districts, neighborhood character and even prices in various areas.

Once you narrow things down and start speaking to local agents, ask them to brief you on the local market dynamics, including how long homes typically stay on the market and whether they generally go for more or less than the asking price, so you can be smart about how you search.

· Real estate and mortgage pros. If you don't already have your pros picked out, now is the time to get on the horn or drop an email or Facebook message to your circle of contacts, asking them for a referral to a broker or agent they love. Then giving them a ring and launch a conversation about whether you and they might be a good partnership.

· Short sales and REOs. Distressed property sales are not for the unwary. If you want to target upside down or foreclosed homes, or are planning to house hunt in an area where many of the listings are described as short sales or foreclosures, get educated about what you can expect from a distressed property purchase transaction before you get your heart set on a short sale.

· What you get for the money. Online house hunting is a powerful tool – especially when it's cold and wet! But there comes a point in your house hunt where you've got to just get out into the actual physical homes you're seeing online in order to get a strong, accurate sense of what home features, aesthetics and location characteristics correlate with what price points.

· Mortgage musts. You can read a bunch of articles about mortgages and get yourself pretty far down the path toward qualifying for a home loan, but you can only get a personalized action plan for a smooth road 'home' by talking with a local mortgage broker and having them assess your basic financials. They might say you need to move funds around, pay a bill down or off or produce some sort of documentation from your employer. And the time to start all that is now.

3. Fluff up your cash cushion. So, you've saved up your 3.5 percent down payment. Perhaps you saved a little extra for closing costs. Or maybe you're even one of those uber-aggressive 20-percent-down-ers. No matter how much you've saved, you'll find that you could use more once you activate your home buying action plan. After closing you'll crave extra cash to do some repairs, upgrade a couple of things, buy appliances or even just to hold onto in order to minimize your anxiety about depleting your savings!

4. Shed some stuff. Sell it. Donate it. Give it to relatives who've always coveted it. Just get rid of it. Clear that physical clutter, create space and prepare for your move in advance.

5. Sit very, very still. Sometimes, the best way to further our goals is to stop tripping ourselves up. In that vein, commit right now to refrain from making any major financial moves until you buy your home. Don't quit your job to start that personal chef business (yet), don't pull a bunch of cash out of your savings account (without getting clearance form your mortgage pro first), and don't start buying cars and boats on credit.

1. As-is means as-is, period. (Most of the time.) Banks have very little interest, inclination or even the logistically necessary resources to execute repairs on your home. Many of these homes are managed by an asset management company in another state, and may not even have a local person besides the agent who can handle large repairs. Generally speaking, bank-owned homes are sold on a very strict "as-is, where-is" basis, which just means that you should expect to take possession of it, if you buy it, in exactly the position and location it is, no matter how defective. Do not walk into a viewing of a foreclosed home, notice how the plumbing is all ripped out of the wall, and make an offer for it, assuming you'll be able to get the bank to "fix" the issue later. Usually, if the bank is willing to do any repairs to a foreclosed home, they do so, on the advice of the listing agent, prior to the home being listed.

If a foreclosure you're considering has obvious property damage, have your contractor stop by with you or gather whatever information you need to get as comfortable as possible with your offer price, assuming that the bank will not be chipping anything in for repairs, before you make the offer.

2. The bank speaks no evil. When it comes to real estate disclosures, the fact is, the bank speaks not much of anything! Many states exempt banks and other types of corporate homeowners from making substantive disclosures about the condition of the property. Even in jurisdictions where the bank is not legally exempt, most banks will simply write across the required disclosures something to the effect that the bank has no knowledge of the property's condition. (Before you protest with a "that's not fair!!" keep in mind that the bank never lived in the property, so most often truly does have no idea of any important facts or details about its condition or location, the things an average home seller would be required to disclose.)

Even in a normal transaction, it behooves a buyer to be thorough in having the property inspected and meticulous about reviewing the resulting inspection reports. But buying a foreclosure ups even that ante, as you have no seller disclosures to highlight particular problems you should have looked at, and none of the usual legal recourse you would have if a "regular" seller made incomplete disclosures. Get a property inspection!

Yes inspections cost money, but the drama and thousands they can save you is well worth it. And read your state's buyer inspection advisory or similar document (ask your agent), just to make sure you're aware of all the inspections that are available to you, and work with your agent to determine which ones make sense, and which are not appropriate.

Some insider tips:

Vacant foreclosures often have their utilities disconnected. Work with your agent to make sure the utilities get turned on - even for a single day - so that your property inspector can run the water taps, test the stove and dishwasher, see if the water heater and electrical outlets work, and so forth. If appliances are there, the bank will probably leave them there, even though they may not have technical "legal" ownership of them, so they may not be included in the contract, like in a "normal" home sale. However, the bank will not give you any sort of warranty on appliances, so try to obtain any warranty coverage you want or need elsewhere - from a home warranty company or, potentially, the original manufacturer/retailer.

3. The contract terms, they are a changin'. One thing squarely in the wheelhouses of local real estate pros are local market standard practices. From negotiating practices to which party pays which closing costs, every market is different, and experienced local agents are experts on this information. If you're buying a foreclosure, though, the bank will often require you to use it's own purchase contract, rather than the more commonly used state forms. Many times, this is done to advise the buyer of the bank's refusal to make substantive disclosures (see above) and to change some of the normal practices for your area to the bank's standard practices.

For instance, if you are buying a home in a contingency state, where you would usually have to sign a document proactively releasing contingencies, the bank's contract will probably change that, so that your transaction operates on an objection period. In "objection" based transactions, you have a certain period of time in which you must either speak up about your concerns with the property and/or cancel the deal, or you will automatically be presumed to be moving forward with the deal and your deposit money will be forfeited if you change your mind after that date.

If you've been making offers on non-foreclosures on the standard contract form, or you've bought homes before and think you know the drill, please - I implore you - READ every word of the contract you sign when you buy a home from the bank, and ask your broker, agent or attorney to explain anything that doesn't make sense.

4. Expect the unexpected. When you buy a foreclosure, you might end up working with the bank's escrow company, instead of a company you or your agent selects. And the bank's escrow provider might be slow or disorganized. C'est la vie. The bank might rush you for your deposit money, but take their own sweet time coming up with the necessary signatures on their end to close the deal. Par for the course. You might expect that the bank would be desperate for buyers, and instead find out that there are 20 offers on the same REO. Or, you might be the only offer and still get your aggressively low (but still reasonable) offer rejected, only to have the bank reduce the list price of the home to the same price of your offer! (They often want to see if exposing it to other buyers at the new, lower list price might generate more interest and higher offers.)

When you're buying a foreclosure, expect glitches, expect your calendar to be derailed, expect the bank to be inflexible and possibly even unreasonable. It's not overkill to ask your broker or agent to brief you on the common complications they see in REO transactions. Having realistic expectations may keep you from pulling your hair out. And if the transaction turns out to run smooth as silk? You'll be pleasantly surprised.

If you've been on the fence about owning Angel Fire or Taos real estate, now is the time to take a leap! Don't let the negative press deter you from one of life's greatest joys; owning your own home.

Here are 5 great reasons to consider buying your home now: 1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (down payment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Home ownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.

2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.

3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Home ownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you'll need to pay for the gutters to be cleaned, and so on.

4. Ownership: Okay, this is a given. Home ownership means you "own" your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!

5. Great Deals: It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a down payment, then be sure to talk to your local Angel Fire or Taos real estate agent about what homes in your area could be a fit for you.

Home ownership can be a real joy. It's time to get off the fence and into a home that is right for you!

When first meeting / interviewing make sure you've set aside ample uninterrupted time to sit down and discuss the possibility of selling your home. This is when you'll discover exactly how your home compares to the current market, what price it will take to actually get it sold and approximately what your expenses will be. Here you will also learn what if anything can be done to have your home show as well as possible. Have your listening ears open so you hear all the details of what's explained. This is one of your largest investments and you want to understand exactly what to expect. Make this appointment a priority.

· Make sure you let us know exactly what you owe on the home including any 2nd mortgages and / or equity lines. We need to know what you owe so we can crunch numbers letting you know exactly what you can expect to walk away with. If you are behind on payments while it may not be an easy thing to discuss, you need to make sure we are aware of this because we can possibly help keep your home from going to foreclosure.

· Let us know what your motivation and / or reason for selling is. Realizing this can feel like private information if we know what your goals are, we are better able to help you achieve them. If you are looking to buy we can help ensure you have access to all homes that are for sale based on what you're looking for, and look out for your best interests on the purchase side. If you are divorcing, we are in tune to dealing with this already challenging time and we can help make it as easy for both of you as possible. If you're relocating, we can help get you in touch with the right agent in your new area to ensure you get the same excellent care there. If you're looking to rent, we can get you in touch with folks that can help you find the right rental property as well. Remember, our goal is to help make the entire experience for you as stress free as possible.

· Before your home goes on the market make sure it's in the very best possible condition it can be, especially on the outside. More now than ever before buyers are riding by to see the outside prior to scheduling a time to see it. Make sure yours shines above the competition so they will choose yours as one they want to see. We will give you tips and ideas of things we think will help it show the best. As your home is on the market as hard as it can be, you want to maintain it in this condition all the way to the final closing.

· Let us know up front how you prefer to communicate. There are so many ways now a days, and we want to make it as easy for you as possible. Is it email, text, phone, or mail? Whichever works best for you we will honor. While we're marketing your home, don't hide out in frustration. If you have questions, concerns, and /or comments please be sure to let us know so we can ease your mind and take excellent care of you.

· Understand that in today's market there are much fewer actual showings than there have been in the past. Because buyers are able to get onlline and see everything about your home including interior photos, the address and directions, it's almost a two step elimination process before they ever walk through the front door. First they see your home online and then in most cases they ride by to see the outside and location prior to scheduling an appointment to see your home. Be patient, while it may seem you aren't having any activity, you actually are. This also means when you finally do have a showing, it's much more quality showings than it was in years past where we as agents carried around the big mls book deciding which homes we showed to buyers based on what we thought they wanted.

· Be patient with the time it will take to sell your home. We are in one the most challenging housing markets many of us have ever experienced. It's taking much longer to sell a home than ever before and it does take a lot of patience as a seller.

· When you get feedback from the showings that take place, be open to hearing it. The agents are only trying to help and give honest opinions and information that will help to get the home sold.

· Understand that we as your agent may never show your home. Obviously our goal is to get it sold as quickly as possible and we want to ensure maximum exposure to buyers in the marketplace not just those we're working with. Now if we have a buyer that is pre approved financially and looking for a home like yours, we're certainly going to show it. If we sell it ourselves we make twice the money so that would be great for us. Unfortunately due to the nature of the business in many cases there are two agents involved one representing the seller and one representing the buyer. With over 1,000 active Realtors across the Valley, other agents and companies will be showing your home way more often than we will. Our job is to actively and aggressively market your home to buyers direct as well as to other agents.

Washington, DC, November 30, 2011

Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. "Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions," he said.

"Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market," Yun added.

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

"Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one," Yun said. "Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or they might get a loan but with less favorable terms."

NAR encourages consumers to be aware of their credit score and actions which could hurt or enhance it. HouseLogic.com, the association's consumer website devoted to all aspects of homeownership, offers tips for improving credit scores.

Contact a New Mexico Mountain Properties Realtor to find out about pending sales in the Angel Fire and Taos real estate markets.

By now, you've probably heard the age-old rules of thumb about translating home listings from real estate lingo to plain English: 'cozy' = tiny, 'needs TLC' = needs massive repairs, and 'all original details' could mean beautiful moldings or moldy linoleum, depending on the home.

Almost everything about the Angel Fire and Taos real estate market has changed over the last few years, though, so we thought it was time to provide you with an updated real estate lingo decoder that accounts for those changes in the market.

To that end, here are 14 line items of real estate jargon, divided into 2 buckets and decoded for the post-recession house hunter.

Bucket #1: Transaction signals. Distressed properties – foreclosures and short sales - make up about a third of the homes currently on the market, and these transactions have their own unique flow, timelines and challenges compared with "regular" equity sales. So, it only makes sense that listing agents have developed a set of abbreviations to brief prospective buyers on what they can expect and should be prepared for if they make an effort to buy such a home, with just a glance at the listing:

REO: Real estate owned by the bank/mortgage servicer, this acronym refers to homes that were foreclosed and repossessed by the former owner's bank. It also signals that buying this property will involve doing a deal with the bank; possibly dealing with a different escrow timeline, offer process or contract forms than a non-REO sale; and almost always taking the place in as-is condition, among other things. Oh, yeah – and it might also involve one more thing: a great deal.

S/S, Subject to bank approval: What once stood for stainless steel is now being used to describe a short sale – a property whose seller anticipates will net them less than they owe on the home. Short sales are often described as "subject to bank approval," which simply points out the obvious truth about these transactions, that the seller has very little control over whether the bank will allow the transaction or what price and terms the bank will approve of, and that the transaction might very well take the better part of your natural life could take 6 months or longer to close. Talk to your agent for more details about short sales, and to determine how you can tell the success-prone short sales from those that are less likely to close.

Pre-approved short sale: Many knowledgeable agents say no short sale is truly "pre-approved" unless and until the bank looks at a specific buyer's offer and the seller's financials at the same time, but some listing agents designate a short sale as "pre-approved" when a previous short sale application was approved at a given price, but fell out of contract for some other reason.

Motivated seller: This is a perennial term in listing parlance, but against the backdrop of the current market, translates to something like, "Have mercy on me." I kid – this phrase often signals a seller's flexibility in pricing and/or urgency in timing.

Coveted: In a word, "expensive." No, seriously, even on today's market, many locales have a neighborhood (or a few) which have been relatively recession-proof, have been fairly immune to the foreclosure epidemic and have seen home values continue to rise. If you see the word 'coveted' in a listing, chances are you're house hunting in that sort of neighborhood, or there's something about the individual property the home's seller is trying to position as unique and desirable, as compared to competing listings (i.e., the view, location of the lot, or floor plan).

BOM, often accompanied by "No fault of the house:" Homes go in and fall out of escrows on today's market constantly, often due to things the seller has no control over. BOM indicates a home that was in contract to be sold, but is now "Back on the Market." "No fault of the house" may describe a situation in which the buyer lost interest in the home after a long short sale process or failed to get final loan approval, as contrasted to a situation in which the home's inspection turned up deal-killing problems or the property failed to appraise at the purchase price.

Not a short sale, not a foreclosure. Sellers on "regular" equity transactions are often more negotiable on items like price and repairs, and are certainly able to close the transaction (i.e., let the buyer move in) sooner than sellers of REOs and short sale properties. Some also pride themselves on having maintained their homes in better condition than the distressed homes on the market. For buyers that seek quick certainty and closure, non-distressed homes can be especially attractive.

Bucket #2: All about the Benjamins. The government's role in financing homes has grown exponentially over the housing recession, so the alphabet soup of government housing and home financing agencies, their guidelines and programs is now more important to understand than ever.

OO/NOO: Owner-Occupied and Non-Owner Occupied – You'll see this on listings in two different ways. First, the vast majority of home loans must comply with government loan insurance guidelines, including guidelines around how much of a condo complex must be owner-occupied (i.e., 75 percent, minimum, in most cases). Also, some bank-owned property sellers will consider offers from owners who plan to occupy the property if they buy it as much as a week or 10 days before they will look at NOO or investor offers.

FHA: Short for the Federal Housing Administration, which backs the popular 3.5 percent down home loan program. FHA guidelines also include somewhat strict condition and homeowners' association dictates, so if a home's seller notes that they are not taking FHA loans, they might be saying that the property has condition or other issues which disqualify it for FHA financing.

Fannie, Freddie: Fannie Mae and Freddie Mac, federally controlled company/agency hybrids that now back most non-FHA (conventional) home loans, and thus provide the guidelines most Conventional loans must meet, including guidelines around seller incentives like how much closing cost credit a buyer can receive.

DPA/DAP: Down-Payment Assistance or Down-Payment Assistance Program

FTH/FTB: First-time homebuyer/First-time buyer – cities, states and large employers like universities tend to be the last bastion of these programs which offer mortgage financing or down payment assistance, usually to people who have not owned a home in the relevant city or state anytime in the preceding 3 years.

HUD: The federal department of Housing and Urban Development, which governs the guidelines for FHA loans, acts as a seller of homes which were foreclosed on and repossessed for non-payment of FHA-backed loans, and publishes the Good Faith Estimate and settlement statement forms every buyer and borrower will be provided at the time they shop for a loan and close their home purchase, respectively.

HFA: Short for Housing Finance Administration, this acronym refers to a loose body of state and regional agencies which offer an array of financing and counseling programs that varies by state, from down payment assistance for first time buyers to the Hardest Hit Funds that offer foreclosure relief assistance and principal reducing loan modifications to unemployed and underwater homeowners in the states hardest hit by the foreclosure crisis